Compensation and Benefits Specialist Job Description
The lifeblood of any enterprise’s recruitment efforts – and one of the most important factors in building a resilient retention strategy – is understanding how, and why, your people are compensated for their labour the way they are.
For most smaller firms, compensation, and decisions around what people get paid, lie in the hands of a coterie of senior management. Often, the director, board, or company owner will work closely with accounts to settle on salary bandings, benefits, perks, signing-on fees and commission structures.
But at bigger companies specialist HR professionals – Compensation and Benefits Specialists – will get hired to work expressly on building a hyper-competitive, well-budgeted and agile payment and benefits programme. As we discuss in the other C&B resources section, a Compensation and Benefits Specialist will sit at the right side of senior HR management and the C-suite, deciding on the best course of action for company-wide remuneration policy and helping direct everything from employee reviews to recruitment strategy.
Here are some of the main job responsibilities for a Compensation and Benefits Specialist
Benefit trends and industry knowledge
C&B professionals have to be fully cognisant of industry standards in relation to benefits, payment plans, and general remuneration culture. They have to lead discussions around what is appropriate pay, and how that relates to performance in the context of company stature and position.
C&B specialists have to be the leading force behind building company-wide competitive remuneration plans and have to be confident enough to adjust perks and implement company-wide changes to meet the expectations of the highly competitive candidate market, and the real, tangible needs of hired talent as and when needed.
C&B specialists have to be agile conduits between multiple departments. Mostly, they straddle the important middle ground between accounts, management, recruitment and resourcing and HR, operating in an advisory role and as a hands-on player within the management of staffing levels, recruitment outreach, employee reviews and retention.
This means confident, clear communication is a highly sought-after skill set in C&B specialists.
Understanding employee performance
Above all else, C&B specialists have to be intimately aware of their employee’s performances, and how that performance matches their internal development plan, their overall position, their personal career plans, and the expectations made of them by management.
C&B specialists need to be savvy HT operatives, adept at taking both the macro and the micro view of the company and its workforce within it, how individual performance affects the whole, and how each member of staff understands what their labour is worth now, and in future.
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